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Social policy credit plays significant role in multidimensional poverty reduction

VGP - Social policy credit capital has played a significant role in reducing multidimensional poverty rate, from 14.2 percent in 2011 to 2.93 percent by the end of 2023.

Posts Thuy Dung

August 15, 2024 9:51 AM GMT+7
Social policy credit plays significant role in multidimensional poverty reduction - Ảnh 1.

Prime Minister Pham Minh Chinh (standing) addresses a teleconference to review 10 years on the implementation of Directive No. 40-CT/TW of the 11th Party Central Committee's Secretariat on enhancing the Party's leadership over social policy credit, Ha Noi, August 14, 2024 - Photo: VGP

The above finding was released at a teleconference to review 10-year implementation of Directive No. 40-CT/TW of the 11th Party Central Committee's Secretariat on enhancing the Party's leadership over social policy credit.

Over the last decade, more than 21 million households have been able to access social policy credit loans worth more than VND373 trillion (US$14.9 billion) to develop livelihoods.

Of the above households, more than 3.1 million households escape poverty and over 4.2 million laborers have jobs, according to the Viet Nam Bank for Social Policies (VBSP). 

The loans also provided support for more than 610,000 students, many impoverished people and policy beneficiaries.

More than 13.2 million facilities providing clean water to rural residents and over 193,000 houses for the poor and policy beneficiaries were buit.

Addressing the teleconference, Prime Minister Pham Minh Chinh acknowledged and spoke highly of the contributions made by ministries, sectors, and administrations at all levels, especially the VBSP to implementing the directive.

Social policy credit has become a "bright spot" and a "pillar" in ensuring social security, meeting the aspirations of the people, especially the impoverished and disadvantaged people in society, Pham highlighted.

The Government chief reiterated the Party and State's consisent policy of harmonizing economic growth with social progress and justice, so that all people will benefit from the socio-economic development process in order to leave no one behind.

Viet Nam does not sacrifice social progress, justice, social security and environment in exchange for pure economic growth, reaffirmed the Prime Minister.

The harmonious combination between economic growth and implementation of social progress and justice, limiting the gap between rich and poor, and effective realization of social security policies is both a goal and a driving force for the nation's sustainable development, emphasized the Prime Minister./.